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Gold, Silver, Platinum Forecasts – Gold Climbs Above $2400 As U.S. Inflation Rate Declines
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Key Points:
- Gold is moving higher as traders bet on dovish Fed.
- Silver is trying to settle above the resistance at $31.20.
- Platinum gains ground amid broad rally in precious metals markets.
Gold
Gold tests new highs as traders react to U.S. inflation reports, which indicated that Inflation Rate declined from 3.3% in May to 3% in June.
In case gold stays above the $2400 level, it will head towards the next resistance, which is located in the $2445 – $2450 range.
Silver
Silver gains ground, supported by falling Treasury yields and U.S. dollar’s pullback.
A successful test of the resistance at $30.90 – $31.20 will push silver towards the next resistance level at $32.25 – $32.50.
Platinum
Platinum continues to rebound amid broad rally in precious metals markets.
From the technical point of view, platinum needs to settle above the resistance at $1010 – $1020 to have a chance to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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